ETAF sets out principles on private equity to keep tax advice in professional hands

On 23 October 2026, ETAF published a position paper on the rise of private equity (PE) investment in tax advisory and accountancy practices.

Independence is not a privilege but an obligation of regulated tax advisers, and must not be compromised by PE investment. Without safeguards, investor influence may weaken the quality of advice, create conflicts of interest, reduce access to advice for smaller clients and put client data at risk, while investors from third countries may pursue strategic interests beyond financial returns.

Rules on ownership and voting rights should therefore not be seen as barriers to the Single Market, as they protect independent professional judgement.

ETAF therefore calls on EU institutions and Member States, when reviewing rules on ownership and control, to:

• Recognise professional independence as essential to protecting the public interest
• Keep ultimate oversight of tax advisory work with qualified tax advisers
• Ensure professional control works in practice, not just on paper
• Give professional regulators sufficient transparency to review ownership and governance structures
• Align Single Market objectives with the responsibilities placed on tax advisers
• Prevent cross-border structures from undermining national safeguards

For ETAF, one rule must guide every investment decision in the profession: tax advice must serve clients and the public interest, not investor returns.